Somerset, KY Cost Of Living

Demographics | Crime | Cost Of Living
Updated: 2023-11-15

Cost Of Living In Somerset, KY Summary

Cost of living in Somerset research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Somerset is expensive. An index value below 100 means the city is a relatively cheap place to live.

On a city-by-city basis in Kentucky, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:

  • The cost of living index in Somerset is 85, with 100 being the average.

  • The cost of living index in Somerset is 0.8x lower than the national average.

  • Somerset ranks as the #15 cheapest in Kentucky out of 85.

  • Somerset ranks as the #777 cheapest out of 6,412 in the US.

  • The median home value in Somerset is $117,000.

  • The median income in Somerset is $30,107.

Table Of Contents

  1. Summary
  2. National Comparison
  3. Housing Breakdown
  4. Detailed Pricing
  5. Nearby Comparisons
85
Somerset's Overall Cost Of Living
0.8x
Lower Than The National Average

What is the cost of living in Somerset, KY?

According to the most recent data on the cost of living, Somerset has an overall cost of living index of 85, which is 0.8x lower than the national index of 100.

Compared to Kentucky, Somerset has a cost of living index that's 0.9x lower than Kentucky's index of 94.

The standard of living in Somerset ranks as #15 most affordable out of the 85 places we measured in Kentucky. By definition, that implies Somerset ranks as the #70 most expensive place in the Bluegrass State.

For more reading on life in Somerset, check out:

15 out of 85
In Kentucky
777 out of 6,412
In America

Somerset Cost Of Living Vs. Kentucky

Six factors go into calculating the cost of living index in Somerset. Here is how it fairs on each of the criteria:

  • The Services index in Somerset is 100.

  • The Groceries index in Somerset is 91.

  • The Health index in Somerset is 82.

  • The Housing index in Somerset is 56.

  • The Transportation index in Somerset is 91.

  • The Utilities index in Somerset is 101.

Living Expense Somerset Kentucky National Average
Overall 85 94 100
Services 100 105 100
Groceries 91 97 100
Health 82 79 100
Housing 56 75 100
Transportation 91 102 100
Utilities 101 106 100
For more reading on cost of living around Kentucky, check out:
Somerset Cost of Living Vs. KY

Somerset, KY Housing Cost Breakdown

Housing swings affordability the most between places in Kentucky, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:

  • The Median Home Value in Somerset is $117,000.

  • The Median Rent in Somerset is $711.

  • The Median Income in Somerset is $30,107.

  • The Home Value To Income in Somerset is 3.9x.

  • The Rent To Monthly Income in Somerset is 0.28x.

Statistic Somerset Kentucky United States
Median Home Value $117,000 $155,100 $244,900
Median Rent $711 $826 $1,163
Median Income $30,107 $55,454 $69,021
Home Value To Income 3.9x 2.8x 3.5x
Rent To Monthly Income 0.28x 0.18x 0.2x
Search Homes For Sale In Somerset, KY
$117,000
Median Home Value
$711
Median Rent
$30,107
Median Income

Somerset, KY Costs By Category

Detailed Somerset Services Costs Vs. Kentucky

Item Somerset Kentucky
Shampoo $0.94 $1.06
Movie $9.56 $10.68
Bowling $15.2 $14.67
Haircut $17.72 $18.62
Beauty Salon $37.9 $39.05

Detailed Somerset Groceries Costs Vs. Kentucky

Item Somerset Kentucky
Ground Beef $4.12 $4.22
Fried Chicken $1.11 $1.39
Milk $1.64 $2.05
Potatoes $2.9 $3.29
Pizza $10.33 $10.62
Beer $9.29 $9.38
Toothpaste $1.74 $2.34

Detailed Somerset Health Costs Vs. Kentucky

Item Somerset Kentucky
Optometrist $74.07 $108.57
Doctor $82.39 $116.17
Dentist $76.8 $99.13

Detailed Somerset Transportation Costs Vs. Kentucky

Item Somerset Kentucky
Gasoline $2.08 $2.22
Tire Balancing $44.57 $50.07

Detailed Somerset Utilities Costs Vs. Kentucky

Item Somerset Kentucky
All Electricity $157.57 $167.67
Phone $206.48 $175.64

Somerset SnackAbility

4
/10
Overall SnackAbility
Jobs
3/10
Housing
5
Affordability
4
Diversity
6
Safety
6
Amenities
8
Education
4
Commute
8.5

Cost Of Living In Cities Around Somerset

The cost of living varies in the cities and towns around Somerset. Here's a quick look at the cost of living in the most populous nearby places:

  • Richmond, KY has a cost of living index of 92, 1.1x Somerset.

  • Danville, KY has a cost of living index of 92, 1.1x Somerset.

  • Berea, KY has a cost of living index of 90, 1.1x Somerset.

City Population Cost Of Living Vs. Somerset
Richmond, KY 34,662 92 1.1x
Danville, KY 17,164 92 1.1x
Berea, KY 15,465 90 1.1x
Harrodsburg, KY 8,952 83 1.0x
Corbin, KY 8,397 80 0.9x
London, KY 7,492 88 1.0x
Lebanon, KY 6,165 86 1.0x
Monticello, KY 5,782 74 0.9x
Williamsburg, KY 5,272 75 0.9x

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